Spyker Complete Saab Purchase

Dutch company Spyker Cars NV said Tuesday it has completed its $74 million purchase of loss-making Swedish carmaker Saab Automobile AB from General Motors Inc.

Spyker Chief Executive Victor Muller said Tuesday he was delighted and the deal would secure Saab’s future.
“From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company,” he said in a statement.

Spyker Make Exclusive Sportscars

Saab lost €400 million ($545 million) on sales of €1 billion in 2009. It sold around 40,000 cars, down from 94,000 a year earlier. Under the deal GM retains preferred shares in Saab worth $326 million, and Spyker has also received a €400 million loan backed by the Swedish government.

Amongst their plans to revive the Saab brand is a Mini / Audi A1 super-mini rival. The new car, code-named 92, is intended to have the same kind of relationship with the original teardrop-shaped ‘50s Saabs as the latest Mini has with the Issigonis’s original. The new Saab baby, sometimes described as the 9-1, is tipped to be at least three years away and likely to be made at Saab’s Trollhattan plant. Production of the new 9-5 will resume at Saab’s Trollhattan factory, and Saab will then launch the 9-5 estate later this year.

Victor Muller says Saab will be be successful again when its annual volume exceeds 100,000 cars. Sales for 2009 collapsed 40,000, but hit 95,000 in 2008.